Contractors Unlimited

TNK-BP and IOCOI Establish Joint Venture to Develop Fields in Iraq

TNK-BP TNK-BP Holding and Iraq Oil Company for Oil Investments (IOCOI) have signed an agreement to establish a joint venture aimed at identifying potential projects to acquire, develop and operate oil and gas fields on the territory of Iraq.

The two companies will consider joint acquisition of fields with commercial reserves within Iraqi provinces. TNK-BP has been qualified by the Ministry of Oil of Iraq to develop oil and gas projects.

"Iraq is one of the world's leading oil producing countries. We welcome the establishment of the joint venture with IOCOI, part of the HMBS group, which has a century-long history and a substantial opportunity set in the Iraqi market. TNK-BP is interested in the expansion of its international business; it possesses cutting-edge exploration and production technology, and world-class cadre required to identify and implement joint projects in Iraq", Mikhail Fridman, interim Chief Executive Officer of TNK-BP, said.

"We welcome our partnership with TNK-BP, one of the leading Russian oil companies, which is aimed at identifying and implementing joint oil and gas projects in Iraq. IOCOI enjoys vast opportunities in transport and logistics business and is interested in entering the Iraqi oil sector. We are also interested in delivering necessary consulting support in the framework of the activity of the joint venture in Iraq", Mustafa A.W.M.Al-Bunnia, General Manager of IOCOI, said.

TNK-BP Holding is the Russian holding company of TNK-BP Group*. TNK-BP Holding is the third biggest oil company in Russia and one of the ten biggest oil companies of the world. The production assets of TNK-BP Holding are located mainly in Western and Eastern Siberia, and the Volga-Ural Region. TNK-BP Holding has four refineries in Russia and operates a retail network of approximately 1,000 filling stations Russia working under the BP and TNK brands. TNK-BP combines unique Russian and Western production expertise, in particular, in brownfield development. The company is committed to the accelerated application of the advanced international technologies, project management, and strictly abides by all heath, security and environmental norms.

IOCOI is a private Iraqi company, part of the H.Mahmood J. Al-Bunnia & Son (HMBS) group of companies. HMBS was established in 1910 and is a national conglomerate with business activities in oil and gas, food stuffs, logistics and distribution, building material and other trading.

Mustafa A.W.M.Al-Bunnia is the Chairman of Board of Directors and General Manager of the company.

"TNK-BP Group" means TNK-BP International together with its consolidated subsidiaries.

TNK-BP is Russia's third largest oil company, 50% owned by BP and 50% owned by the AAR Consortium (Alfa Group, Access Industries and Renova). TNK-BP also owns close to 50% of another Russian oil and gas company, Slavneft. TNK-BP accounts for approximately 16% of Russia's production (including its share of Slavneft). SEC proved reserves (life of field basis) were 8.586 billion boe as of December 31, 2009.

Published 06/05/2010

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